Stay Pittsburgh is an apartment-style hotel serving regional and international customers ranging from sports enthusiasts, entrepreneurs, young travelers, local weekend warriors, conference goers, and the like. They enjoy Stay Pittsburgh's fun culture, affordable prices, and convenient amenities and location.
Through 2018 and 2019, we were the largest Airbnb provider in the city. We are also the only locally-owned and independently-operated hotel in downtown Pittsburgh.[Read More]
Secured debt is debt backed or secured by collateral to reduce the risk associated with lending. If the borrower on a loan defaults on repayment, the debt holder can seize the collateral, sell it, and use the proceeds to pay back the debt. Assets backing debt or a debt instrument are considered as a form of security, which is why unsecured debt is considered a riskier investment than secured debt.
August 20, 2020
October 12, 2020
Zachary Patton is a serial entrepreneur founding three companies: Ruby Ride, a transportation technology company, spanning several states and receiving over $1.4 million in federal grants; Orange Astronaut, a marketing agency specializing in web design and video production; and Stay Pittsburgh, an independently owned and operated apartment-style hotel located in downtown Pittsburgh. He caught the startup bug studying innovation policy at a think-tank in Rio de Janeiro while on a Boren Fellowship. After returning stateside he helped dozens of entrepreneurs launch their companies at Idea Foundry, before delving into launching his own businesses. Combined, Zach has generated nearly $3 million in revenue and at one point managed a team of 24, ranging from designers, salespeople, software engineers, and other staff.
Interest Rate: 3.75% interest-only + 9.0% fully amortizing
Payments: Monthly, disbursed to investors quarterly
Maturity: 6 months interest-only + 30 months fully amortizing
Personal Guaranty: Zachary Patton
Security Interest: Blanket lien on assets of company